07/12/2015 BBC Business Live

flood warnings around... This is a number. Hello. This is Business Live

from the BBC with Ben Thompson and Sally Bundock. Can software save the

world? As business leaders try to hash out an historic climate deal in

Paris, can technology can be the answer? Live from London, that's our

top story on Monday seventh December. As climate change talks

enter their second week in Paris, global leaders are looking at

radical new ways to cut emissions and save the planet. But as oil

prices slip below $40 a barrel after Opec keeps the taps open - is there

any incentive to look for alternative sources of energy?

And this is how markets are faring in early trade across Europe. We'll

discuss what's moving the numbers and why. From doctor to

businesswoman and entrepreneur, Dr Amy Jadesimi has been named one of

the youngest most powerful women in Africa - we will find out all about

her endeavours to skill young Nigerians for the future when she

joins us live later on the programme. And let us know what you

think of the stories we're covering. Get in touch, use the hashtag

BBCBizLive. Hello. News from Paris. Is pollution a necessary side effect

of economic development? Whether it's heavy industry, manufacturing,

or construction, environmental damage is often accepted as a

necessary evil. But as world leaders continue their climate change talks

in Paris this week they'll also ask whether new technology and

innovations can also solve some of the most pressing issues facing our

planet. And it's a big growth area. Green Energy Investments Worldwide

surged by a massive 17% last year to $270 billion. Leading the charge is

the technology kingpin and philanthropist Bill Gates - he's

already pledged $2 billion of his own money towards clean-technology

research. A day before the start of the climate talks in Paris he also

announced the Breakthrough Energy Coalition to invest in innovative

clean energy. The group comprises of 28 wealthy individuals worth a total

of $350 billion, with members including the likes of Jeff Bezos

and Mark Zuckerberg. So where is all this money going? As well as obvious

areas, companies are also looking at cutting edge technology such as

compressed air energy storage, windows that double as as solar

panels and renewable fuel that is made from algae. Packet. We can

night talk through some of these with Ian Simm, Chief Executive,

Impax Asset Management. It sounds like we're trying to find the holy

Grail with new technologies saving the planet. But there is quite a bit

out there already in terms of ideas? In the last 15 years we have seen

the rise of hybrid vehicles and electric vehicles. We have seen

solar panels that can work like plants and offshore wind power,

which is a real breakthrough. With the likes of Bill Gates ploughing

money into this, it looks like it will get that funding. But the

question is, when that will become a reality. The opportunity is to scale

up what we have already because we have fantastic technologies that

work so they need incremental scale and volume of demand but having said

that, there are potential breakthroughs we could look out for

the future, tidal power and wave power for the next 20 years, it is

looking at that -- worth looking at that in more detail and biofuel from

grass, we're not quite there yet from volume but it has potential of

lots to be done around lighting and these use the efficient heat and

light. In terms of Paris, those 185 countries represented, they are

trying to come to an agreement, but to what extent is this part of the

conversation? It is vital, if governments do not show commitments

to reduce in-house gas, entrepreneurs will not be confident

enough to invest so we do need agreement this week for a framework

for investors. You we will get that? Surprisingly hopeful because the US

and China, for the first time, have committed in principle to some sort

of domestic commitment and if they are on board, the Europeans will be

on board and those are the three major blocks. An agreement in place,

which is good news for businesses because you would assume that policy

will follow? Yes, agreement will be in place, all being well by the end

of this week, that is not guaranteed. Policy will follow but

quite slowly. The private sector moves faster, so 2016 we will look

at this agreement, it is serious, we want to do something about it and

commit some money. Thank you. We will keep you across div

elements. We cannot get up-to-date with other news... -- developers.

Bonuses for investment bankers in London could fall by as much

Emolument, which monitors salaries across the industry, says a drop

in revenues in the second half of the year combined with cost

A managing director in equities will still get

The opposition party in Venezuela has won control of the

National Assembly, for the first time since the socialists came to

The current President's popularity has fallen dramatically due to the

Venezuela's economy is heavily reliant on oil and has been badly

A brown Duke BusinessWeek and lots of corporate news already out there.

Electrolux, the takeover of GE appliances. That has been called

off, a $3.3 billion acquisition, the deal announced in September last

year but the Department of Justice has stopped them from dying GE

because they say the deal could push items that are electrical up I5%.

Consumers are glad to hear about that. Yes, that line at the bottom

suggests that Electrolux pays a termination fee of $170 million. So

Electrolux could be in it position to contest that. German industrial

production rises but not by very much. Much lower than expected.

Something we will talk about in a few moments when we look at the

European markets. To Australia now, where Prime

Minister, Malcolm Turnbull, has unveiled an $806 million package to

boost innovation across the country. Rajeshni Naidu-Ghelani is in

our Asia Business Hub in Singapore. Boasting elevation, we are told, but

it comes at a price? Yes, over 1 billion Australian dollars and it is

aimed to create what is called an ideas boom, this is to replace the

countries lacking mining boom, it was the main driver of growth for

nearly one decade but mining investment in Australia has picked

and the government is looking for new ways to boost growth so the

Prime Minister today introduced a list of 24 measures, including

everything from tax breaks for investors to changing immigration

laws to encourage entrepreneurs to move there. Money is being put aside

for Australian entrepreneurs to create a presence in global

technical hubs likes of the Colne Valley and there will be some

changes to bankruptcy laws to encourage businesses to take more

risks and stop Australia has been falling behind other countries that

have been pushing for high-tech exports so it'll be interesting to

see if this package results more innovative products from Australia.

Good stuff. Thank you. We can stay in the region and look at the

markets. Tokyo stocks rebounded Monday

as exporters got a boost from a weaker yen

after another strong US jobs report made a Federal Reserve interest rate

rise this month virtually certain. And that win of more than 200,000

new jobs in November reinforced the view that the world's largest

economy and a major Asian trading There's also renewed confidence that

the US economy can withstand a rate hike

after another strong jobs report. That helped to cushion

the blow of last week's worries over Europe and what was largely

perceived to be an underwhelming response from the ECB as far

as economic stimulus was concerned. There's some concern that

without the extra stimulus in the system, European shares could

now be more vulnerable to what happens in America

and other external influences. We'll talk more about that in

a moment and also the Bank of England governor speaks later

today ahead of the Bank of England But first,

let's take you to New York and Neda who's got the details on what could

move Wall Street today. The roll-out of economic data begins

on Monday with a look at how much outstanding credit Americans held

October and it is expected the reserve will report that figure

decreased to $20 billion and later on in the week investors will look

at retail sales and wholesale infantry numbers for November.

Retail sales like rose 3.3 present and wholesale 0.1%. The University

of Michigan is expected to put out consumer data showing that Americans

are feeling better about the economy. The economy. There is also

a number of earnings reports at this week, one of which is Costco, the

wholesale operator will likely disappoint investors with big

numbers for its first quarter. The company still dealing with

investigations into the spread of E. Coli from the rotisserie chicken

salad sold at warehouses. That sounds scary. Some of the issues to

keep an eye on when Wall Street starts. Nice to see James.

Joining us is James Hughes is Chief Market Analyst at GKFX.

In-lap going on, brand-new trading week and the markets are reacting

still to the end of the week in the US, those jobs figures, still not

super? Hanging over the European markets? Yes, the disappointment

from the ECB is the big one and is the overall figure of the ECB to try

to do something... This is a point, they continue to try to throw things

at this Eurozone problem and that has not worked for years. Yet again,

there is this negativity failing to hit the heights of what is expected.

Is the ECB dammed if it does and if it doesn't? Throwing money at the

problem, that is the only way to free up the system to get everyone

lending and borrowing? We're not saying that they are not doing

enough and is it the way they are doing it rather than what they are

doing? The way they are doing it and that completely the wrong times,

that is the issue. We have got to a situation where we have come right

to the end. The divergence between the US and European economies is

biggest issue, one is trying to throw any sadistic miss it can and

not necessarily doing enough and on the other hand, trying to raise

rates somewhere else and that huge divergence will cause issues within

the market and at the point, all we wanted for Mario Draghi to do was

through everything at this and get this kick-started, he is still

taking that reserved measures that we have seen before, even though he

is still living things and trying to add things to the economy. I might

be proved wrong by the fact that it might work! I am sure we will get

his comments. Mark Carney, he will be speaking later? Yes, what we

expect is not much, to be honest. You are not taking any prisoners! I

can feel your frustration with the central bank! I am frustrated with

always having to look at the central bank but the Bank of England is not

likely to raise interest rates or do anything this week and that is

exactly what they should be doing. OK, go and get a cup of tea! You

will be back later with no ranting! We speak to one of the youngest,

most powerful women in Africa. Named as one to watch

by several leading publications, Dr Amy Jadesimi is an entrepreneur

hiring young Nigerians and giving You're with Business Live from

BBC News. Now a look at some

of the stories from around Britain and UK manufacturing looks

like it's ending the year with These are figures from EEF? You will

remember the march of the maker 's phrase, that the Chancellor came up

with to encourage manufacturing and help people make stuff that never

actually happened. In fact, it went into reverse if these figures are to

be believed, they believe the manufacturing sector will shrink and

next. The reasons? The week Eurozone, slowing down in China,

questions over double trade but it could be this old friend, the world

price crash. This has put incredible pressure on North Sea oil and

extraction does not kind from manufacturing to people in the UK

make a lot of stuff which was into the supply chain and a lot of those

orders were cancelled quickly. The oil price, which has affected so

much in world trade, is having a big impact so it will not do its bit to

help out. Manufacturing will be a burden rather than an asset to the

economy next year. Thank you very much, Simon. More detail online.

There is more detail online and the oil

price is still headed south. We had the OPEC meeting last week and the

oil cartel not as I say doing what some would like, some of the oil

producers would like to push up the oil price. The reason that

manufacturing is important, it still accounts for 10% of the UK economy,

we have all but written off manufacturing in this country

recently especially with the decline in things like car making here, but

that's staging a resurge Abs, but manufacturing still accounting more

about 10% of the overall economy. Remember, services, the powerful

service sector, making up three-quarters.

This EEF report comes at a time when there has been enormous job losses

in the UK steel sector. The steel industry in this country has had a

terrible year, hasn't it? In terms of contraction and job losses and

restructuring. There is an issue there in terms of export, what are

we making in the UK that's sold elsewhere? Clearly the slowdown in

Europe is having an effect on the eurozone, of course, the biggest

trading partner for the UK. All that weighing on the manufacturing

figures. You're watching Business Live.

Our top story: As climate change talks enter their

second week in Paris, global leaders are looking at radical new ways to

cut emissions and save the planet. Nigeria is a country that is rich

in natural resources but its business environment still

has a poor reputation Many Nigerians claim they've not

benefited But today's guest aims to train

and employ thousands Dr Amy Jadesimi is managing

director of the Lagos Deep Offshore Logistics Base, a high-tech

industrial village, servicing But it's a world away

from her roots. Dr Jadesimi graduated as a medical

doctor from Oxford University. After a spell as an investment

banker at Goldman Sachs, she honed her entrepreneurial skills at

Stanford Business School in the US. It has paid off, last year she

featured on Forbes Magazine's 20 A world away from medicine

and banking, she returned home to Nigeria to work in her family

business before setting up She describes herself

as a "grafter" and says she's never thought of herself as being

a smart person, "just happy to kind That sounds like a nice work ethos.

She joins us now. It is nice to see you. Welcome to the programme. Good

morning. Let's start with that ethic. All the reading that I have

done about you today is talking about hard work. You don't get

anything without working hard and even if you don't achieve the things

that you set out to do, you will have learned a lot along the way and

that's always been your ethos in business? It is necessary for

success and if you look at the elements for success from the

Beatles to Microsoft, hard work is 90% of it, smart ideas get you 10%

of the way and then you have got to draft away to succeed. For anyone

thinking there is a quick way, there isn't one? We have been going since

2001 and a lot of people look at our success now. We have got $500

million industrial freeze and people think we did it overnight, but it

has been 15 years. Let's just explain how that industrial Free

Zone works. It is outside Lagos, isn't it? Yes. Explain how it w and

the concept of the whole thing. It is in the centre of Lagos harbour.

It is next to the shipping lane. It is an ecosystem we built to

accommodate industrial projects. Right now, we are in the midst of

building a FPSO for Total? What is that? It is a $4 billion vessel used

in deep off-shore. It is like a portable oil rig? It is a portable

oil rig. Exactly. They are expensive and that is what characterises the

projects. These are projects that is so expensive they require knowledge,

infrastructure and people who were not previously available in West

Africa and we provide all that in our Free Zone. Forgive me, it sounds

simple, what you're doing... Thank you. I'm sure the reality is

different, training people and giving people these skills, why has

it not been done? I tell people we are not rocket scientists, we are

doing what has been done in Norway and what has been done in America

for decades. It wasn't available because the missing element was the

private, indigenous sector being able to fund the projects. So all of

the money that's gone into it is private and we are unique is being

the only 100% Nigerian 100% Nigerian private Free Zone in Nigeria and

that what that tells you is the missing element is a private sector

that's able to fund the projects and a Government that creates an

enabling environment for us to do so. Let's talk about the combination

because what's clear about Nigeria is the the private sector is

happening. It is exciting. It is growing. It's innovative. We have

met other CEOs on this programme and on BBC World News and our programmes

look at that part and for a long time it has been held back by the

politics, by the Government, by the so-called corruption. There has been

a recent change in Government. He has only just appointed his Cabinet

after a long period, how is that working with you now? Are you

optimistic given the change in Government? It has been a tough

year, but we are ot mystic. The private sector is still very small.

This is the only facility of its kind. We need 100 of these

facilities to get the country to where it needs to be creating 200

jobs minimum. The president is a strong regulatory environment for

long-term infrastructure investors, the regulatory environment is key to

give us security for our investment. There are already strong laws on the

books. Are you going to get it though? We have got it. We have seen

what happened to MTN, whether you agree or disagree, you had one of

the most powerful companies in guy gearia being fined for violating

regulation. He demonstrated it doesn't matter who you are or how

powerful you are, you have got to stick to the rules. All right, Dr

Amy Jadesimi, thank you. It has been great to have you on the programme.

It is exciting to hear what you're up to.

Last week Monarch Airlines became the latest UK carrier to extend

the cancellation of all flights to and from the Egyptian resort of

This in response to advice from the UK Government.

The company says it now expects pre-tax profits for

Earlier, I spoke to the boss of the airline about the impact

on his business of security concerns like those in Egypt.

The aviation business has grown accustomed unfortunately to deal

with security issues after 9/11, the London bombings etcetera. We have

shown that we can make flying safe. That we can adapt and I think that

people will, you know, rally together through the whole airline

industry, airports, security, Government, but we, you know, we had

10% our traffic to Egypt. Clearly it is an impact that's negative. I

think what we are seeing with consumers they are resilient. They

tend to book later at time like this, thet don't book far in

advance, but they are booking. The British Government are vigilant

about airport security around the world. They are involved with the

Egyptian Interior Ministry. And they are going to get to a point where

they are satisfied that it is safe and then it will re-open. People can

take confidence in that. So, you know, European governments working

closely with in this case Egypt, but it is the same in other airports

around the world and you know, we know how to do this. We do know how

to do it. If it is done well, people can have confidence in it.

That was the Chief Executive of Monarch.

James is back and he has calmed down, but it might not be for long,

he is going to talk about the oil price now. The Wall Street Journal

says nobody is blinking. OPEC on Friday was the key point. Oil

continues to fall and continues to now drop below $40 a barrel. It is

worrying and what's interesting within the articles is that is the

fact that and it is widely thought that the shale industry was the big

thing that was going to cause a problem. I think the thoughts of a

lot of OPEC members and the world really was that the lower the oil

price got, the more shale producers would be priced out of the market

and move away, but that's not happening and their output is not

being cut either. The shale producers are cutting it slightly,

but nowhere near by enough and of course, saying there has to be

give-and-take from both sides and it is not happening. Nobody is blinking

as the article says and the issue will rumble on until somebody does.

Saudi Arabia keeps saying the market will come back itself, but they said

that ten months ago and it isn't doing it. You say it is worrying.

Worrying for who? We thought the shale businesses would be put out of

businesses, but they are pumping more and more? It is worrying for

global inflation, the eurozone is worrying about it. It is the problem

we have with the ECB is the fact we still have the ultra low inflation.

It is not causing as many problems in the US and that's an important

point, but still, it's important. Here you go James, this is one to

fire the words, X marks the spot that makes online ad sos maddening?

Online advertising, of course, is key. Pop-up screens. The pop-up

adverts are the one that is we are talking about. And you cannot get

rid of them. You cannot get rid of them. They appear on Business Live

all the time. All over the BBC website. No, they don't. You have to

watch a video, an advert before another video comes. Maddening,

maddening, way the world is moving. Thank you very much James for coming

in. We will see you soon. Hello. Thank you for joining me.

Thankfully we are moving into a somewhat quieter spell of weather

across the British Isles. What cloud you see is producing some rain in

some areas, but nowhere near the intensity that we have seen in some

areas over